ECB to the rescue of Spain and Italy and avoid collapse of Euro zone

Thursday, July 26th 2012 - 19:51 UTC

Full article 3 comments

European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the Euro zone from collapse, including acting to lower unreasonably high government borrowing costs. Read full article

Comments

Disclaimer & comment rules

Ozgood
I simply cannot understand why Spain and Italy find themselves in such dire straits. Both are industrialised first world countries. I realise that Greece lived well beyond its means, the rich did not pay taxes and Goldman Sachs obfuscated the debts of Greece before its entry into the Euro Zone.

Why are there so many unemployed youth in Spain and Italy? Can someone please explain?
Jul 27th, 2012 - 08:57 am - Link - Report abuse 0
-+
Ken Ridge
From what I have read Spains problems are more to do with a crash in the property market and unpaid mortgages, over use/abuse of private credit and failure to repay. Rather than government overspending/misshandling.

Italy on the other hand is generally due to overspending. You might find this interesting...

http://www.inc.com/constantine-von-hoffman/imagine-italy-is-a-business.html

Unemployment is then a result of recession.
Jul 27th, 2012 - 11:20 am - Link - Report abuse 0
-+
British_Kirchnerist
If he's really willing to do “whatever” it takes to avoid disaster, that should include abandoning Merkel and co's disastrous austerity politics
Aug 01st, 2012 - 07:15 pm - Link - Report abuse 0
-+

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!